https://www.taxtmi.com/caselaws?id=448991 Section 33(5) of the Insolvency and Bankruptcy Code requires prior approval of the Adjudicating Authority for legal proceedings instituted by a liquidator on behalf of the corporate debtor. Where an earlier approval had already authorised the liquidator to defend and prosecute proceedings for the corporate debtor, that approval was held sufficient to cover the later writ petition filed to protect the corporate debtor's interests. In that setting, the later application sought only clarification and regularisation of the position, and the Adjudicating Authority ought to have clarified the approval rather than reject the request. The writ petition was therefore treated as covered by the prior approval, and ratification was allowed. en-us Thu, 01 Feb 2024 00:00:00 +0530 Sat, 03 Feb 2024 08:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448991 Section 33(5) of the Insolvency and Bankruptcy Code requires prior approval of the Adjudicating Authority for legal proceedings instituted by a liquidator on behalf of the corporate debtor. Where an earlier approval had already authorised the liquidator to defend and prosecute proceedings for the corporate debtor, that approval was held sufficient to cover the later writ petition filed to protect the corporate debtor's interests. In that setting, the later application sought only clarification and regularisation of the position, and the Adjudicating Authority ought to have clarified the approval rather than reject the request. The writ petition was therefore treated as covered by the prior approval, and ratification was allowed. Case-Laws Insolvency and Bankruptcy Thu, 01 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448991